China Re controls close to 6% of the global reinsurance business and was among the world’s top 10 reinsurers in 2011, according to a Monte Carlo Rendezvous report.
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The CIRC has granted approvals for Willis China and Guy Carpenter to open new offices in Harbin and Shanghai respectively.
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Great Eastern Holdings Limited has entered into a conditional sale and purchase agreement with Chongqing City Construction Investment (Group) Co Ltd to sell 25% of its equity interest in Great Eastern Life Assurance (China) Co Ltd (GELC) for a total sum of CNY303 million (US$47 million).
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The Hong Kong Federation of Insurers (HKFI) has announced the launch of its new app, which once downloaded, would provide up-to-date information related to insurance on subscribers’ smartphones.
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Concerned over increasing losses in fire segment, it was reported that the Finance Ministry has asked the four state-run general insurers to desist from charging their corporate clients “ridiculously” low fire insurance premium and from undercutting one another.
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The IRDA is looking to allow more tax relief on insurance policies as life insurers gave suggestions of various proposals for this.
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Life insurers have asked for the new regulation on financial accounting standards which will see their assets and income reduced, to be delayed by at least one year.
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The introduction of a new solvency margin regulatory (SMR)framework in Japan in the near future may lead to both positive and negative rating changes, depending on the individual characteristics of each insurer and their management of the transition to the new regime, said Fitch Ratings in a recent report, “New Solvency Regime Highlights Interest-Rate Risk”.
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Only 107 insurers in the Philippines were issued licenses to operate from July 2012 to June 2013, down from 116 last year.
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Singapore’s Financial Advisory Industry Review (FAIR) can learn a lot from the UK’s experience with Retail Distribution Review (RDR), said Mr Ivan Martin, Executive Chairman of Sesame Bankhall Group and Deputy Chairman of the Association of Independent Financial Advisers (AIFA) in the UK.
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EQ Insurance, a five-year-old Singapore general insurance company, said it will increasingly look towards sharing its know-how and best practices with other insurance companies in Asia as it aims to expand in the region by acquiring insurance and underwriting companies. EQ Insurance is a wholly owned subsidiary of Citystate Capital Asia (CCA).
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AIA Singapore plans to launch a completely mobile and secure interactive Point of Sales (iPoS) system on iPad.
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The Financial Supervisory Commission (FSC) has appointed Ms Yu Chiung Tzeng as the new Director General of Insurance of Insurance Bureau.
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The UK’s largest insurer Prudential is putting on sale its entire 7.7% stake in Taiwan’s China Life for NT$4.72 billion (US$158 million).
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Non-life insurer Viriyah Insurance is capitalising on the impending ASEAN economic integration in 2015 and moves to expand into Laos, Myanmar, Malaysia and also non-member China.
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